Leicestershire IFA firm sold for £5.2m
A Leicestershire independent financial advisory firm has been bought by Tavistock Investments for £5.16m.
Abacus Associates Financial Services is headquartered in Hereford, but has 45 predominantly self-employed financial advisers covering the North East, the Midlands (including Hinckley) and the South West of the country.
For the year ended 31st January 2016, Abacus reported pre-tax profits of £781,000 on turnover of £4.5m. It also reported net assets of £1.59m, which included £1.23m in cash. The company’s assets under influence are estimated to exceed £650m, of which some £250m are managed directly by Abacus on an advisory basis.
Malcolm Harper, Abacus’ founder and managing director, said: “I’ve been searching for the right partner to help me take Abacus to the next level, and Tavistock impressed me as the best option. They provide a range of discretionary investment solutions that will suit many of our clients and share our ethos for transparency and quality of customer care. The transaction has also ensured the potential for a retirement exit for each of our advisers at a time that suits them. I will remain as a significant stakeholder in the enlarged Group and am looking forward to working with the Tavistock team.”
Tavistock will retain the Abacus brand and Harper will continue to lead the business, as well as take on wider responsibility as part of the Group’s senior management team.
